Two Global Companies Uniting to Protect and Preserve Your Information and Assets

Iron Mountain has acquired Recall, a leading provider of information management, storage and services. This creates a company dedicated to protecting and preserving information and assets our customers and communities value. With expanded capabilities and expertise, we are now better positioned to serve our customers across the globe, delivering unparalleled levels of customer service and product innovation.

In today's increasingly complex world, protecting what matters most has never been more important, or more challenging. Whether physical assets, digital information, regulatory compliance or cultural treasures, we keep assets safe and secure for the business needs of tomorrow and generations to come. From FORTUNE 1000 companies to local businesses, our solutions help you manage risk and grow.

We're looking towards a brave, new future, where we can create opportunities for our customers, our investors, and our employees.

Going above and beyond to secure what matters today, for tomorrow. We are Iron Mountain.

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We’re announcing the completion of our acquisition of Recall. This acquisition will significantly enhance our ability to deliver on the needs of our customers and better serve the storage and information management market overall.

Iron Mountain and Recall share a mindset and many of the same values. We are committed to serving as a trusted guardian to protect what matters most to our customers – whether hardcopy paper records, digital records or physical assets – securing their past, current and future value.

We’re delivering on our strategy, broadening our geographic footprint in developed and emerging markets through both acquisition and organic growth, and enhancing our capabilities for service delivery. This transaction also provides us with the ability to innovate and bring to market the right products and services for our customers’ storage and information management needs while continuing to return significant value to our shareholders.

We’ve acquired all of the outstanding shares of Recall in a primarily stock transaction. Based on our most recent share price, the transaction has an implied value of approximately $2 billion (US). Additionally, we are appointing two of Recall’s directors to the Iron Mountain Board of Directors: Neil Chatfield and Wendy Murdock.

We have achieved full regulatory consent in the United States, Canada and Australia for the deal, although we have not achieved full regulatory consent in the United Kingdom. We do have a “hold separate” agreement with the Competition & Markets Authority (CMA) in the UK that allows us to proceed with the acquisition while they complete regulatory reviews.

As part of the regulatory consent, we have agreed to divest either Iron Mountain or Recall’s operations/facilities in certain markets (US, Canada and Australia) after deal close. For those regions where we have agreed to divest operations, we have a plan in place to manage the business until a buyer is selected. This ensures that our customers continue to receive the same high levels of service delivered by both Iron Mountain and Recall.

Working with the regulators in each region, we explored at length the best solution for continuing to give customers a choice of information management providers. After months of analysis and negotiation, the regulators determined that it was necessary to divest records management operations in certain US and Canadian locations to preserve competitive market balance – a standard practice for acquisitions this large in scope. We have outlined a comprehensive plan with the regulators in each region to ensure the integrity of operations and service delivery as we seek a buyer(s).

Both Iron Mountain and Recall are known for their ability to deliver products and solutions that address every point on the information management lifecycle, from physical to digital records and everything in between. We believe that the combined strength of these portfolios will continue to bring to market the best in storage and information management. In fact, that potential to solve our customers’ present and future challenges is one of the most important benefits of this acquisition, and we look forward to bringing innovative solutions to life for our customers.

While the process of combining these two companies will take time, our goal is to maintain your service with minimal disruption. Presently, we do not anticipate changes that will cause a disruption to your services or service levels, and your contacts will remain the same. We will evaluate our operations and compare service levels and keep you apprised of changes.

We’ve set up a landing page at www.ironmountain.com/Iron-Mountain-Recall-Acquisition.aspx to keep everyone updated on our progress. We understand that you’ll have questions and we’ll be working diligently to provide you with information as quickly as possible. You can also follow up with the teams below for more specific inquiries.